9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)

Citation
9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)
Jurisdiction
New York (state)
Source verification
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2102.3 ↗

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Full Text

1,105 chars 
(4) No adjustment
under this subdivision for any individual housing accommodation shall exceed 15
percent of the maximum rent in effect on the date the order is issued under
this subdivision; provided, however, that the Administrator may waive this
limitation where a greater increase is necessary to make the earned income of
the property equal to its operating expenses; provided further, however, that
the maximum rents, subject to the allocation requirement of paragraph (5) of
subdivision (a) of this section, shall be increased by such further additional
amount during each succeeding 12-month period, not exceeding 15 percent of the
maximum rent in effect on the effective date of the original order of
adjustment, until the maximum rents for the property shall reflect the net
annual return provided for in this subdivision, but, in no event, however,
shall the total increase ordered for a succeeding 12-month period be more than
an additional three percent of the maximum rent in effect on the effective date
of the original order of adjustment unless a new application is filed by the
landlord.